July 3, 2006
THAT'S HOW DEMOCRATS LIKE THEM...:
Retirement picture in black and white (MARY WISNIEWSKI, 7/03/06, Chicago Sun-Times)
Higher-income blacks save far less for retirement than whites, and are more likely to count on pensions, according to an investor survey.The ninth annual Ariel Mutual Funds/Charles Schwab Black Investor Survey found that blacks who make at least $50,000 had a median retirement account of $59,000, compared with $93,000 for whites who make at least $50,000. Blacks also contribute less each month to their retirement accounts -- $254 for black employees compared with $306 for whites.
"It's a story that only gets worse over time," said Mellody Hobson, the African-American president of Ariel Capital Management, a Chicago-based investment management firm.
...dependent on the Man and why the Ownership Society is so threatening, because it would liberate them.
Posted by Orrin Judd at July 3, 2006 10:19 AM
Two things that I wonder if they correct for:
1. Blacks have a lower life expectancy than whites;
2. More higher income blacks are government employees with gold plated pensions. They tend to retire younger (many public pensions allow for retirement at or near full pay after 20 years) and their pensions are guaranteed by the tax payers.
Posted by: David Cohen at July 3, 2006 10:27 AM